Crypto Community Reacts to Erik Voorhees Shapeshift Membership Plans

Cryptocurrency exchange ShapeShift has launched a new membership program that will eventually become mandatory for its users.

Until now, users were not required to sign in or register to execute trades. In the recent statement, ShapeShift asserted that “while the account-based format is new, we remain committed to consumer protection via our non-custodial model – we do not and will not hold customer deposits.”

However, just like LocalBitcoins earlier this year, this move was polarizing. Some came out in the support of the new developments where many were against it.

Early stage investor Patrick finds the move good not only for ShapeShift but also the entire crypto ecosystem.

He goes on to say that even though he is not sure, but Shapeshift in its current form is likely an easy target for regulators. “Drug dealers/Terrorists/Gorges/wasting money… etc etc”. The compliance overhead being enforced has clearly got to the point whereby it makes sense to lose this fight to continue the war (for want of a better phrase). Grit and survival trump pride and ideals in business.

Patrick also believes that there is approximately 0% chance that the Shapeshift team has ‘sold out, changed course, taken the money’ or any of the other of the garbage floating around twitter space. He says that the decision is a rational one and that he wouldn't be surprised if most people will become bullish on Shapeshift.

He ends the thread by pointing out that ShapeShift is far from dead. “They are showing they know how to stay alive. There is a lot more to be written.”

However, there were many who were of the contrary view. BTCPay says that they will probably stop supporting ShapeShift.

Even popular crypto influencer Tone Vays had some harsh criticisms for the move saying that they have become just like the centralized exchanges who give your private data to governments.

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